Objective 3 : Sources of Life Insurance

Question 1

individual life insurance

Answer 1

deal choice for younger individuals who are in good health ( compare to groups insurance from employer )

the insured has flexibility to determine the type of product best suited to his needs

there are no group discounts available

Question 2

group life insurance

Answer 2

provides coverage to a number of individuals under one master contract issued to a sponsoring organization

Question 3

Social Security benefits ( government insurance)

Answer 3

Limited benefit paid
this limit ranges from 150 to 180 percent of what would have been the decedent’s primary insurance amount if they were retiring at that time